Saga Home Insurance reports recession-hit kids heading home

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Saga Home Insurance reports recession-hit kids heading home

Wed 26th Aug 2009

Saga Home Insurance has revealed that many children are flying back to the nest, but it is the parents who are often footing the bill for food and bills.

A survey by the insurance provider showed that financial problems and the break-up of relationships were common reasons for a person to move back home.

Only 27 per cent of parents asked for any money if their children stayed with them, while 28 per cent said they did not want any and 15 per cent said that their kids either would not or could not offer any financial assistance.

Andrew Goodsell, executive chairman at Saga Group, said: "It is good to see that you can always depend on your parents in times of emotional and economic difficulty."

But he also pointed out that children should understand the financial implications of moving back home again, since outgoings for food and energy bills will inevitably increase with an extra person living in a house in addition to its regular occupants.

Research released by the company earlier this week showed that 21 per cent of children felt guilty when they put their parents into a care home.

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